"Central Iraqi" prevents speculation and trading in digital currencies
Observers praised the decision, considering that it is early allowing those dealings in the country
Independent Arabic Monday 4 Apr 2022 9:03
He warned the "Iraqi Central" at the end of last year of dealing with digital currencies due to the big risks associated with (AFP)
The Central Bank of Iraq, Wednesday (March 30th), decided to prevent the use of electronic cards and conservations for speculation and trading in digital currencies in all kinds.
The "Iraqi Central" banks and non-bank financial institutions have called on all volatility to educate customers and warnings of digital trading, encryption and virtual currencies.
It is noteworthy that the Central Bank of Iraq warned the end of last year's digital currencies, given the significant risks associated with those currencies and not to submit any legal or legal or technical controls in Iraq.
Researchers in Iraqi economic affairs were praised by the Central Bank's decision, stressing that it is early to allow digital business dealings in Iraq.
In this context, Prime Minister's financial advisor commented Mohammed Saleh, saying that "the monetary authority believes that this pattern is close to dealing with digital pyramid companies" Pyramid Digital Companies ", a criminal phenomenon located within the robberies and financial crimes,
but is Heavy risk, being outside the cash control of the world's general countries and provide the thief to overtake the money to disabilities."
On the other hand, the economic researcher Saleh gesture pointed out that "digital currencies are traded in most of the world's advanced countries,
but several countries such as the United States and China have started their own national digital currency projects,
but those countries have a sophisticated banking system and high-tech electronic infrastructure The level of high Sprayan protection prevents piracy and cattle, so there is no fear of their citizens from dealing and speculation in digital currencies.
Iraq is not qualified for digital currencies, the banking system is not an advanced system that is maximizing countries that allowed digital currencies, which can protect their citizens from fraud and know the source The imbalance is rapidly and exceeded what harms people."
"In addition, there are no laws or legislation or legislation in Iraq. Government of any country."
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The economic researcher expressed his belief.
In turn, the economic researcher, Bassam Raad, digital currencies, described "cash", indicating that "digital origin is designed as a means of exchange, and is secured by encryption, and its characteristics are not issued by the authority of central banks as they are not as transparency and accountability, Represents a threat, especially in its use in illegal activities such as money laundering and criminal commissions," indicating that
"due to semi-unknown nature of digital currency transactions is a tool of criminal and means of fraudulence to deceive individuals with a false profit opportunities."
"The Central Bank's decision to prevent trading these currencies is a good and important step to protect individuals in society and is not victims of digital criminal operations, especially as these currencies are not subject to any legal or supervisory legislation in Iraq," thus.
On the other hand, EFAN Shaker's economic researcher believes that "this resolution will increase the mounting on traders and investors in the digital currencies encrypted in Iraq, but will not prevent them from trading, as there will be alternative methods for payment, because technology is stronger at the moment."